virtual currency. bitcoin whale. breaking down 'cryptocurrency' bitcoin's success has spawned a number of competing cryptocurrencies, such as litecoin, namecoin and ppcoin. cryptocurrency benefits and drawbacks. cryptocurrencies make it easier to transfer funds between two parties in a transaction; these transfers are facilitated through the use of public and private keys for security purposes. how 2 earn money online these fund transfers are done with minimal processing fees, allowing users to avoid the steep fees charged by most banks and financial institutions for wire transfers. central to the appeal and function of bitcoin is the blockchain technology it uses to store an online ledger of all the transactions that have ever been conducted using bitcoins, providing a data structure for this ledger that is exposed to a limited threat from hackers and can be copied across all computers running bitcoin software. every new block generated must be verified by the ledgers of each user on the market, making it almost impossible to forge transaction histories. many experts see this blockchain as having important uses in technologies, such as online voting and crowdfunding, and major financial institutions such as jp morgan chase see potential in cryptocurrencies to lower transaction costs by making payment processing more efficient. however, because cryptocurrencies are virtual and do not have a central repository, a digital cryptocurrency balance can be wiped out by a computer crash if a backup copy of the holdings does not exist. since prices are based on supply and demand, the rate at which a cryptocurrency can be exchanged for another currency can fluctuate widely. the anonymous nature of cryptocurrency transactions makes them well-suited for a host of nefarious activities, such as money laundering and tax evasion.

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